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Cypress Professional Plaza 1363 Cypress Ave 14,260 SF 94% Leased Retail Building Melbourne, FL 32935 $2,000,000 ($140.25/SF) 7.36% Cap Rate
INVESTMENT HIGHLIGHTS
- 92% MTM or short-term tenancy, below-market rents (~$13/SF) priced below replacement cost w/ an in-place cap rate north of 7% with upside to an 8.5%+
- Strategically located on the corner of Cypress Avenue, W Eau Gallie Blvd, and N Harbor City Blvd (US-1) which sees ±80,000 vehicles per day
- The Eau Gallie Arts District (EGAD) is experiencing significant growth, backed by $3.3M in improvements that enhance walkability and curb appeal.
- The ± 14,260 SF building is divided into 16 small bay retail and office units averaging 891 SF, ideal for local businesses and easy to lease/re-tenant
- The subject property is located just .3 miles from the Eau Gallie Arts District, 2.5 miles from Indian Harbor Beach.
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present 1363, 1367, 1385 & 1395 Cypress Avenue in Melbourne, Florida. This ±14,260 square feet mixed use property is comprised of 16 small bay units averaging 891 square feet in size, offering flexible configurations ideal for local service and retail tenants.
Currently, roughly 92% of tenants are on short term leases averaging just $13 per square foot. This presents a value-add opportunity for an investor to reposition the tenancy and increase rental income to market levels.
The subject property is located just 1 minute from the Eau Gallie Arts District (EGAD). The EGAD, established in 2010, is an accredited Florida Main Streat program, which is a subsidiary of the National Trust for Historic Preservation. This program is designed to preserve and promote the area’s historic character while fostering arts-driven economic development.
Strategically positioned on Cypress Avenue, W Eau Gallie Blvd, and N Harbor City Blvd (US-1), the property is exposed to ±80,000 vehicles per day. These corridors serve as a vital connector between Indian Harbour Beach and the East Coast of Florida. Additionally, the subject property is located less than 3.5 miles from Melbourne Orlando International Airport.
Currently, roughly 92% of tenants are on short term leases averaging just $13 per square foot. This presents a value-add opportunity for an investor to reposition the tenancy and increase rental income to market levels.
The subject property is located just 1 minute from the Eau Gallie Arts District (EGAD). The EGAD, established in 2010, is an accredited Florida Main Streat program, which is a subsidiary of the National Trust for Historic Preservation. This program is designed to preserve and promote the area’s historic character while fostering arts-driven economic development.
Strategically positioned on Cypress Avenue, W Eau Gallie Blvd, and N Harbor City Blvd (US-1), the property is exposed to ±80,000 vehicles per day. These corridors serve as a vital connector between Indian Harbour Beach and the East Coast of Florida. Additionally, the subject property is located less than 3.5 miles from Melbourne Orlando International Airport.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Building Size
14,260 SF
Building Class
C
Year Built/Renovated
1960/2000
Price
$2,000,000
Price Per SF
$140.25
Cap Rate
7.36%
NOI
$147,257
Percent Leased
94%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.51
Lot Size
0.64 AC
Zoning
C3 - Regional Commercial
AMENITIES
- Signage
Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (70)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 27-37-16-25-00043.0-0002.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $323,360 |
PROPERTY TAXES
Parcel Number
27-37-16-25-00043.0-0002.00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$323,360
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Cypress Professional Plaza | 1363 Cypress Ave
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